Soho House. Exclusivity stopped being the flex.
Soho House has 42 houses and a long waiting list, and still lost £118 million. People don't want to pay to feel interesting.
THE GIST ON SOHO HOUSE: "Soho House Losing Its Magic"
What is going wrong at Soho House?
Soho House expanded fast: 42 houses, around 212,000 core members, and 111,000 more on the waiting list. Yet it posted a £118 million loss last year, even with a 3% increase in members.
Cancellations have increased and the share price has dropped sharply since it listed. The brand that sold creative cool now feels stretched.
Why has exclusivity lost its pull?
For years belonging meant proving access: being inside the velvet rope while everyone else watched from outside. But the social value of exclusivity has changed.
People don't want to pay to feel interesting. They want engagement, intimacy and the quality of connection, an actual community, not the perception of exclusivity in a room full of people we can't stand.
What does it say about status?
Soho House was a blueprint for modern aspiration. If a paid-for identity model can crack, people are rethinking what exclusivity means. Status used to come from association: the logo, the membership, the room.
Now it's shifting towards self-definition: your work, your taste, your circle, your ideas. In a world of remote work and niche communities, belonging isn't scarce any more. Time and attention are.
Would you pay to join a members club?
Your take. One tap, then see how everyone else voted.
Quick answers
How big is Soho House?
42 houses, around 212,000 core members and 111,000 on the waiting list.
How much did it lose?
£118 million last year, despite a 3% rise in members.
Why is exclusivity less valuable?
People now want real connection and community rather than the perception of exclusivity, and belonging is no longer scarce.
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